The man has stuck around longer than I care to think. Or is he expecting to stay relevant so he'll get interviewed when JD's job over at JPM becomes available?
14 replies (most recent on top)
Five years plus two days from when he was hired. I'll wager on that.
In comparison Scott Powell is the man when you stack him up against Charlie. I will attend a SP all hands call but forget joining a CEO call.
To the poster below who said that Kleber puts in only1.5 hours of work per day, that's not true if you count the time he's spent selling the thousands of WF stock that he was given upon joining WF. Kleber has sold the most WF shares in the past year than any other executive. You can google it and see for yourself.
Wells needs to remove Charlie, and soon. They can appoint either SP or Lizard kisser BD but only as a holdover until they find someone from outside Wells. WF is not the organization of leprosy it was when Charlie took the reigns. Too many on this board seem to think that Wells is the sister company of Enron, but I disagree. We are several years out now from the worst, we can hire better at this point,
By the time the asset cap is lifted, all that will be left of the bank are its entrails baking in the pavement in the sun.
He won't leave willingly so long as the asset cap is in place, it's essential to lining up his next gig as a go-to "turn around guy". The board will have to do it's job and send him on his way with the golden parachute.
JP Morgan doesn’t want him either! Only the Wells Fargo Board was d-mb enough to hire him and pay top price for him.
We need someone at the helm with a strong moral character, strong leadership skills, and the ability to cut through bs and get the work done. No other firm allows the CEO to accomplish so little and be paid so well. It’s an embarrassment.
@1usn+1iZ5rJ1x _________You do realize that DEI is a department created and staffed just to stave off regulators? Non-straight pretty boy KS was placed in charge and I seriously doubt he works more than 1.5 hours in any one day. There are few things in life that you can seriously hold up as a major example of fluff.
Do you really think Scott Powell will do any better? CS is clearly in over his head. I hope he bails next year. DEI Has done nothing to boost morale. Team members have become even more polarized and tribal. With the constant scandals in the news, I’m surprised we don’t have more team members becoming neurotic.
Interesting, posted about CS' 1st town hall and his clueless answer to a question about diversity and inclusion and mysteriously, it never got posted. if there are archives of the CEO town halls, check out his 1st. As @pcz says, pay attention to his words and the lack of progress to date. That deserves a 20% increase, right?
This problem has proven too big for Scharf. He thought this was another BNY (a mid size bank with legacy problems). Wells is a large-sized bank with gigantic set of problems in plural!
The brand has been tarnished mightily. The scandals barely stopped and one fiasco after another keep surfacing . To pull off Wells from its travails was always known to be gargantuan task . But I think he underestimated that effort .
Look at CS’ language when he started in late 2019 : he said we need a few years to turn this around . He is continuing to say the same thing three years on. It implies that he is admitting that no material change has occurred. Meanwhile , the organization remains bloated as ever and they are even hiring in risks and controls . So the worst is ahead of us . No need for Charlie to struggle . He is smart enough to see the writing on the wall. Make way for CEO Scott Powell.
He will be fired by middle 2023 he would have been there for four years then and hasn't demonstrated progress. The only fix is to break WF up and only focus on community banking. Other divisions become independent.
I’ll buy a call option that CS will bail after he does a bit more cleanup and WF. I’m aware of data teams in place specifically for employee/client review oversight. In other words, if client facing employees are not strictly following the rules, reports will be generated reflecting the gaps.
Unfortunately for Wells Fargo employees, Scharf hasn't done anything positive for another corporation to want to hire him.